Finance Bill No2 2017

To accommodate the May 2017 election, the government rolled-over items in the Mach 2017 budget for consideration later this year.

HMRC have now confirmed that these “in abeyance” items from the March budget will be reconsidered when parliament reconvenes after the summer recess.

Those items deferred that were due to be effective from April 2017, will still apply from that date. The confirmed list of topics that will be reconsidered include:

Taxable benefits: time limit for making good

Pensions advice

Legal expenses etc.

Money purchase annual allowance

Business investment relief

Calculation of profits of trades and property businesses

Trading and property allowances

Carried forward losses

Deemed domicile: income tax and capital gains tax

Deemed domicile: inheritance tax

Employment income provided through third parties

Trading income provided through third parties

Disguised remuneration schemes: restriction of income tax relief

Disguised remuneration schemes: restriction of corporation tax relief

First year allowance for expenditure on electric vehicle charging points

This is not a complete list and readers should be advised that the House of Commons and Lords will still need to debate and consider possible changes as the Bill winds its way through the various remaining committee and report stages.

A bit of history this week but with a practical outcome for 2019.
Up to 1582, Europe used the Julian calendar introduced by the Romans in 45BC. Unfortunately, the Julian calendar differed from the solar calendar ...

HMRC normally send out a tax statement this time of the year to all self-assessment taxpayers that have submitted a tax return for 2017-18.
As we reported last week, this will list any balance of tax ...